AAII Program #4
                             Options on Futures (OPTFUT)
                                          
                              (c) Copyright 1982 by the
                               American Association of
                                Individual Investors
          
          
          This program gives the theoretical values of options on futures,
          both farm and financial.  These values are NOT THE SAME as the
          value of an option on an actual cash commodity or financial.
          When options on cash (actuals) begin to trade, we will provide a
          new program.  Since growth adjustments, storage costs, and
          interest changes are already in the price of the future on which
          the option trades, the time premium of puts and calls are almost
          identical and the problems of put evaluation in common stocks do
          not exist.